Labor was successful in the recent Federal Election and has formed a new Government with a clear list of priorities for the financial services industry.
There has been welcome stability in the key portfolios in Labor’s economics team, with the Hon Jim Chalmers confirmed as Treasurer and the Hon Stephen Jones confirmed in an expanded portfolio of Minister for Financial Services and Assistant Treasurer.
My team provide a more comprehensive update on Labor’s financial services policy priorities in this edition of Engage, however I am pleased to say that the two Ministers know our industry well and have a good relationship with the FSC and our members.
This month the FSC published the new Life Insurance Code of Practice, an important milestone for the life industry as it continues to raise the bar on consumer protections.
I am very proud of my team and the enormous work of industry participants who have volunteered their time to develop the new Life Code. We look forward to working with life insurance members as we approach the 1 July 2023 implementation date.
The Life Code was also published in alignment with the life industry’s proposal to establish a new life association with a focus on sector specific regulatory issues. These coordinated announcements demonstrate the broad industry support for the Life Code and the intent to work closely with the new association, once it is established.
I expect the tempo of regulatory work to pick up over coming months, with the new Government looking to implement its agenda and regulators progress issues that may have been delayed during the election campaign. Important decisions will also be made over coming weeks, such as whether to review the performance benchmarks in the ‘Your Super, Your Future’ framework.
Thank you as always to the many staff who contribute their time to FSC Board Committees and Working Groups. The FSC’s capacity to respond effectively and persuasively on regulatory and political issues is only as good as the people within the industry we can call upon as issues arise, so I would like this opportunity to say thank you.